HEALTH INSURANCE MARKET ANALYSIS

Health Insurance MarketSize and Trends

The global health insurance market was valued at US$ 2,371.9 Mn in 2022 and is forecast to reach a value of US$ 4,974.5 Mn by 2030 at a CAGR of 9.7% between 2023 and 2030. The global health insurance market is experiencing strong growth due to the rise in global disease burden and rise in patient pool and growing geriatric population around the world.

Global Health Insurance Market Trends:

Subsidized health insurance schemes is a recent trend

The health insurance market is growing due to favorable government programs, a good regulatory environment, strong democratic factors, strong distribution channels, new product launches, and new partnerships. For instance, AB PM-JAY is an entitlement-based scheme funded by the Indian government under Ayushman Bharat, aiming to provide INR 500,000 ($6,900) per family per year for secondary and tertiary care hospitalization to over 107 million vulnerable families. This trend is expected to continue over the forecast period.

Customized or personalized policies is another trend

Service providers are focusing on offering customized policies to attract the younger generation to retain their market share along with the growing competition in the industry. Personalized services improve customer experience, retain loyal customers, and attract new customers. Thus, worldwide, service providers are trying to address the demand for customized and/or personalized on-demand insurance. This trend is also expected to continue over the forecast period, driving the growth of the global health insurance market.